{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/10.1-1603.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/10.1-1603.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/10.1-1603.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/10.1-1603.html"}],"law_id":84792,"edition_id":1,"section_id":84792,"structure_id":14033,"section_number":"10.1-1603","catch_line":"Powers of Authority","history":"1986, c. 360, \u00a7 10-158.5; 1988, c. 891; 1991, c. 706.","full_text":"The Authority is granted all powers necessary or convenient for carrying out its statutory purposes, including the following rights and powers:\n\n1\n\nTo acquire by gift, devise, purchase, or otherwise, absolutely or in trust, and to hold, use, lease as lessee and unless otherwise restricted by the terms of the gift or devise, to lease as lessor, convey, sell or otherwise dispose of any property, real or personal, or any estate or interest therein including water rights. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are constructed.2\n\nTo make and enter into any contracts and agreements with any appropriate person or federal agency. Such contracts include but are not limited to (i) agreements with the Commonwealth, or any agency thereof, to lease property owned or controlled by the Commonwealth, for the purpose of construction, improvement, maintenance, or operation of any project or activity that will further the purposes described in this chapter; and (ii) agreements with any person to sublease property owned or controlled by the Commonwealth or to issue licenses for the purpose of construction, improvement, maintenance, or operation of any project or activity that will further the purposes described in this chapter.3\n\nTo plan, develop, carry out, construct, improve, rehabilitate, repair, furnish, maintain, and operate projects.4\n\nTo promulgate regulations concerning the use of properties under its control to protect such property and the public thereon.5\n\nTo fix, alter, charge, and collect rates, rentals, and other charges for the use of projects of, or for the sale of products of or for the services rendered by the Authority. Such charges shall be used to pay the expenses of the Authority, the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties, the costs of accomplishing its purposes set forth in § 10.1-1601, and the principal of and interest on its obligations, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations. Such fees, rents and charges shall not be subject to supervision or regulation by any commission, board, or agency of the Commonwealth or any political subdivision thereof.6\n\nTo borrow money, make and issue bonds including bonds that the Authority may determine to issue for the purposes set forth in § 10.1-1601 or of refunding bonds previously issued by the Authority. The Authority shall have the right to secure the payment of all bonds, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts or of any project or property, tangible or intangible, or any interest therein. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The bonds may be secured by a pledge of any grant or contribution from a person or federal agency. The Authority shall have the power to make agreements with the purchasers or holders of the bonds or with others in connection with the bonds, whether issued or to be issued, as it deems advisable, and in general to provide for the security for the bonds and the rights of the bond holders.7\n\nTo employ consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority.8\n\nTo receive and accept from any federal agency, foundation, or person, grants, loans, gifts or contributions of money, property, or other things of value, to be held, used and applied only for the purposes for which the grant or contribution is made or to be expended in accomplishing the objectives of the Authority.9\n\nTo develop, undertake and provide programs, alone or in conjunction with any person or federal agency, for scientific research, continuing education, and in-service training, provided that credit towards a degree, certificate or diploma shall be granted only if the education is provided in conjunction with an institution of higher education authorized to operate in the Commonwealth; and to foster the utilization of scientific research information, discoveries and data.10\n\nTo pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority.11\n\nTo do all acts and things necessary or convenient to carry out the powers granted by this chapter or any other acts.","order_by":null,"text":{"0":{"id":303796,"text":"The Authority is granted all powers necessary or convenient for carrying out its statutory purposes, including the following rights and powers:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":303797,"text":"To acquire by gift, devise, purchase, or otherwise, absolutely or in trust, and to hold, use, lease as lessee and unless otherwise restricted by the terms of the gift or devise, to lease as lessor, convey, sell or otherwise dispose of any property, real or personal, or any estate or interest therein including water rights. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are constructed.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":303798,"text":"To make and enter into any contracts and agreements with any appropriate person or federal agency. Such contracts include but are not limited to (i) agreements with the Commonwealth, or any agency thereof, to lease property owned or controlled by the Commonwealth, for the purpose of construction, improvement, maintenance, or operation of any project or activity that will further the purposes described in this chapter; and (ii) agreements with any person to sublease property owned or controlled by the Commonwealth or to issue licenses for the purpose of construction, improvement, maintenance, or operation of any project or activity that will further the purposes described in this chapter.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":303799,"text":"To plan, develop, carry out, construct, improve, rehabilitate, repair, furnish, maintain, and operate projects.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":303800,"text":"To promulgate regulations concerning the use of properties under its control to protect such property and the public thereon.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":303801,"text":"To fix, alter, charge, and collect rates, rentals, and other charges for the use of projects of, or for the sale of products of or for the services rendered by the Authority. Such charges shall be used to pay the expenses of the Authority, the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties, the costs of accomplishing its purposes set forth in § 10.1-1601, and the principal of and interest on its obligations, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations. Such fees, rents and charges shall not be subject to supervision or regulation by any commission, board, or agency of the Commonwealth or any political subdivision thereof.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":303802,"text":"To borrow money, make and issue bonds including bonds that the Authority may determine to issue for the purposes set forth in § 10.1-1601 or of refunding bonds previously issued by the Authority. The Authority shall have the right to secure the payment of all bonds, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts or of any project or property, tangible or intangible, or any interest therein. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The bonds may be secured by a pledge of any grant or contribution from a person or federal agency. The Authority shall have the power to make agreements with the purchasers or holders of the bonds or with others in connection with the bonds, whether issued or to be issued, as it deems advisable, and in general to provide for the security for the bonds and the rights of the bond holders.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":303803,"text":"To employ consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":303804,"text":"To receive and accept from any federal agency, foundation, or person, grants, loans, gifts or contributions of money, property, or other things of value, to be held, used and applied only for the purposes for which the grant or contribution is made or to be expended in accomplishing the objectives of the Authority.","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":303805,"text":"To develop, undertake and provide programs, alone or in conjunction with any person or federal agency, for scientific research, continuing education, and in-service training, provided that credit towards a degree, certificate or diploma shall be granted only if the education is provided in conjunction with an institution of higher education authorized to operate in the Commonwealth; and to foster the utilization of scientific research information, discoveries and data.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":303806,"text":"To pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority.","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":303807,"text":"To do all acts and things necessary or convenient to carry out the powers granted by this chapter or any other acts.","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10"}},"ancestry":[{"id":14033,"edition_id":1,"name":"Virginia Recreational Facilities Authority Act","identifier":"16","label":"chapter","depth":3,"order_by":1,"parent_id":12741,"metadata":{},"date_created":"2026-06-26 03:46:39","date_modified":"2026-06-26 03:46:39","permalink":{"id":146547,"object_type":"structure","relational_id":14033,"identifier":"16","token":"10.1\/II\/16","url":"\/10.1\/II\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12741,"edition_id":1,"name":"Activities Administered by Other Entities","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12740,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":144833,"object_type":"structure","relational_id":12741,"identifier":"II","token":"10.1\/II","url":"\/10.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12740,"edition_id":1,"name":"Conservation","identifier":"10.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":143313,"object_type":"structure","relational_id":12740,"identifier":"10.1","token":"10.1","url":"\/10.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77070,"structure_id":14033,"section_number":"10.1-1600","catch_line":"Definitions","url":"\/10.1-1600\/","token":"10.1\/II\/16\/10.1-1600","metadata":false},{"id":85414,"structure_id":14033,"section_number":"10.1-1601","catch_line":"Authority created","url":"\/10.1-1601\/","token":"10.1\/II\/16\/10.1-1601","metadata":false},{"id":74219,"structure_id":14033,"section_number":"10.1-1602","catch_line":"Board of directors","url":"\/10.1-1602\/","token":"10.1\/II\/16\/10.1-1602","metadata":false},{"id":84792,"structure_id":14033,"section_number":"10.1-1603","catch_line":"Powers of Authority","url":"\/10.1-1603\/","token":"10.1\/II\/16\/10.1-1603","metadata":false},{"id":72940,"structure_id":14033,"section_number":"10.1-1604","catch_line":"Form, terms, and execution of bonds","url":"\/10.1-1604\/","token":"10.1\/II\/16\/10.1-1604","metadata":false},{"id":82583,"structure_id":14033,"section_number":"10.1-1605","catch_line":"Issuance and sale of bonds","url":"\/10.1-1605\/","token":"10.1\/II\/16\/10.1-1605","metadata":false},{"id":63389,"structure_id":14033,"section_number":"10.1-1606","catch_line":"Use of bond proceeds","url":"\/10.1-1606\/","token":"10.1\/II\/16\/10.1-1606","metadata":false},{"id":69623,"structure_id":14033,"section_number":"10.1-1607","catch_line":"Interim receipts or temporary bonds","url":"\/10.1-1607\/","token":"10.1\/II\/16\/10.1-1607","metadata":false},{"id":77063,"structure_id":14033,"section_number":"10.1-1608","catch_line":"Faith and credit of Commonwealth or political subdivision not pledged","url":"\/10.1-1608\/","token":"10.1\/II\/16\/10.1-1608","metadata":false},{"id":55123,"structure_id":14033,"section_number":"10.1-1609","catch_line":"Expenses of the Authority","url":"\/10.1-1609\/","token":"10.1\/II\/16\/10.1-1609","metadata":false},{"id":58095,"structure_id":14033,"section_number":"10.1-1610","catch_line":"Trust agreement securing bonds","url":"\/10.1-1610\/","token":"10.1\/II\/16\/10.1-1610","metadata":false},{"id":83657,"structure_id":14033,"section_number":"10.1-1611","catch_line":"Moneys received deemed trust funds","url":"\/10.1-1611\/","token":"10.1\/II\/16\/10.1-1611","metadata":false},{"id":71200,"structure_id":14033,"section_number":"10.1-1612","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/10.1-1612\/","token":"10.1\/II\/16\/10.1-1612","metadata":false},{"id":63852,"structure_id":14033,"section_number":"10.1-1613","catch_line":"Bonds made securities for investment and deposit","url":"\/10.1-1613\/","token":"10.1\/II\/16\/10.1-1613","metadata":false},{"id":62190,"structure_id":14033,"section_number":"10.1-1614","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/10.1-1614\/","token":"10.1\/II\/16\/10.1-1614","metadata":false},{"id":80332,"structure_id":14033,"section_number":"10.1-1615","catch_line":"Grants or loans of public or private funds","url":"\/10.1-1615\/","token":"10.1\/II\/16\/10.1-1615","metadata":false},{"id":68424,"structure_id":14033,"section_number":"10.1-1616","catch_line":"Exemption from taxes or assessments","url":"\/10.1-1616\/","token":"10.1\/II\/16\/10.1-1616","metadata":false},{"id":56727,"structure_id":14033,"section_number":"10.1-1617","catch_line":"Moneys of Authority","url":"\/10.1-1617\/","token":"10.1\/II\/16\/10.1-1617","metadata":false},{"id":86554,"structure_id":14033,"section_number":"10.1-1618","catch_line":"Title to property","url":"\/10.1-1618\/","token":"10.1\/II\/16\/10.1-1618","metadata":false},{"id":76235,"structure_id":14033,"section_number":"10.1-1619","catch_line":"Violation of regulations","url":"\/10.1-1619\/","token":"10.1\/II\/16\/10.1-1619","metadata":false},{"id":67159,"structure_id":14033,"section_number":"10.1-1620","catch_line":"Appointment of special conservators of the peace","url":"\/10.1-1620\/","token":"10.1\/II\/16\/10.1-1620","metadata":false},{"id":82460,"structure_id":14033,"section_number":"10.1-1621","catch_line":"Conveyance or lease of park to Authority","url":"\/10.1-1621\/","token":"10.1\/II\/16\/10.1-1621","metadata":false},{"id":75207,"structure_id":14033,"section_number":"10.1-1622","catch_line":"Recordation of conveyances of real estate to Authority","url":"\/10.1-1622\/","token":"10.1\/II\/16\/10.1-1622","metadata":false},{"id":63448,"structure_id":14033,"section_number":"10.1-1623","catch_line":"Dissolution of Authority; disposition of property","url":"\/10.1-1623\/","token":"10.1\/II\/16\/10.1-1623","metadata":false}],"previous_section":{"id":74219,"structure_id":14033,"section_number":"10.1-1602","catch_line":"Board of directors","url":"\/10.1-1602\/","token":"10.1\/II\/16\/10.1-1602","metadata":false},"next_section":{"id":72940,"structure_id":14033,"section_number":"10.1-1604","catch_line":"Form, terms, and execution of bonds","url":"\/10.1-1604\/","token":"10.1\/II\/16\/10.1-1604","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/10.1-1603\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 360 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1986 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 891; in 1991, chapter 706.<\/p>","references":[{"id":76235,"section_number":"10.1-1619","catch_line":"Violation of regulations","order_by":null,"url":"\/10.1-1619\/"}],"refers_to":[{"id":85414,"section_number":"10.1-1601","catch_line":"Authority created","order_by":null,"url":"\/10.1-1601\/"}],"permalink":{"id":146561,"object_type":"law","relational_id":84792,"identifier":"10.1-1603","token":"10.1\/II\/16\/10.1-1603","url":"\/10.1-1603\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/10.1-1603\/","token":"10.1\/II\/16\/10.1-1603","dublin_core":{"Title":"Powers of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 10.1-1603","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is granted all powers necessary or convenient for carrying out its statutory purposes, including the following rights and powers:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To acquire by gift, devise, purchase, or otherwise, absolutely or in trust, and to hold, use, lease as lessee and unless otherwise restricted by the terms of the gift or devise, to lease as lessor, convey, sell or otherwise dispose of any property, real or personal, or any estate or interest therein including water rights. However, the Authority<\/span> shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are constructed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To make and enter into any contracts<\/span> and agreements with any appropriate person or federal agency<\/span>. Such contracts<\/span> include but are not limited to (i) agreements with the Commonwealth, or any agency thereof, to lease property owned or controlled by the Commonwealth, for the purpose of construction, improvement, maintenance, or operation of any project<\/span> or activity that will further the purposes described in this chapter; and (ii) agreements with any person to sublease property owned or controlled by the Commonwealth or to issue<\/span> licenses for the purpose of construction, improvement, maintenance, or operation of any project<\/span> or activity that will further the purposes described in this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To plan, develop, carry out, construct, improve, rehabilitate, repair, furnish, maintain, and operate projects<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To promulgate regulations concerning the use of properties under its control to protect such property and the public thereon. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To fix, alter, charge, and collect rates, rentals, and other charges for the use of projects<\/span> of, or for the sale of products of or for the services rendered by the Authority<\/span>. Such charges shall be used to pay the expenses of the Authority<\/span>, the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects<\/span> and properties, the costs of accomplishing its purposes set forth in § 10.1-1601<\/a>, and the principal of and interest on its obligations, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations. Such fees, rents and charges shall not be subject to supervision or regulation by any commission, board<\/span>, or agency of the Commonwealth or any political subdivision thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To borrow money, make and issue<\/span> bonds<\/span><\/span> including bonds<\/span><\/span> that the Authority<\/span> may determine to issue<\/span> for the purposes set forth in § 10.1-1601<\/a> or of refunding bonds<\/span><\/span> previously issued by the Authority<\/span>. The Authority<\/span> shall have the right to secure the payment of all bonds<\/span><\/span>, or any part thereof, by pledge or deed of trust of all or any of its revenues, rentals, and receipts or of any project<\/span> or property, tangible or intangible, or any interest therein. However, the Authority<\/span> shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The bonds<\/span><\/span> may be secured by a pledge of any grant or contribution from a person or federal agency<\/span>. The Authority<\/span> shall have the power to make agreements with the purchasers or holders of the bonds<\/span><\/span> or with others in connection with the bonds<\/span><\/span>, whether issued or to be issued, as it deems advisable, and in general to provide for the security for the bonds<\/span><\/span> and the rights of the bond<\/span> holders. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To employ consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To receive and accept from any federal agency<\/span>, foundation, or person, grants, loans, gifts or contributions of money, property, or other things of value, to be held, used and applied only for the purposes for which the grant or contribution is made or to be expended in accomplishing the objectives of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To develop, undertake and provide programs, alone or in conjunction with any person or federal agency<\/span>, for scientific research, continuing education, and in-service training, provided that credit towards a degree, certificate or diploma shall be granted only if the education is provided in conjunction with an institution of higher education authorized to operate in the Commonwealth; and to foster the utilization of scientific research information, discoveries and data. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To pledge or otherwise encumber all or any of the revenues or receipts of the Authority<\/span> as security for all or any of the obligations of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To do all acts and things necessary or convenient to carry out the powers granted by this chapter or any other acts. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY (\u00a7 10.1-1603)\n\nThe Authority is granted all powers necessary or convenient for carrying out its\nstatutory purposes, including the following rights and powers:\n\n1. To acquire by gift, devise, purchase, or otherwise, absolutely or in trust,\nand to hold, use, lease as lessee and unless otherwise restricted by the terms\nof the gift or devise, to lease as lessor, convey, sell or otherwise dispose of\nany property, real or personal, or any estate or interest therein including\nwater rights. However, the Authority shall have no power to encumber its real\nproperty or create any estate or interest therein other than encumbrances on\nstructures not extending to the real property upon which such structures are\nconstructed.\n\n2. To make and enter into any contracts and agreements with any appropriate\nperson or federal agency. Such contracts include but are not limited to (i)\nagreements with the Commonwealth, or any agency thereof, to lease property owned\nor controlled by the Commonwealth, for the purpose of construction, improvement,\nmaintenance, or operation of any project or activity that will further the\npurposes described in this chapter; and (ii) agreements with any person to\nsublease property owned or controlled by the Commonwealth or to issue licenses\nfor the purpose of construction, improvement, maintenance, or operation of any\nproject or activity that will further the purposes described in this chapter.\n\n3. To plan, develop, carry out, construct, improve, rehabilitate, repair,\nfurnish, maintain, and operate projects.\n\n4. To promulgate regulations concerning the use of properties under its control\nto protect such property and the public thereon.\n\n5. To fix, alter, charge, and collect rates, rentals, and other charges for the\nuse of projects of, or for the sale of products of or for the services rendered\nby the Authority. Such charges shall be used to pay the expenses of the\nAuthority, the planning, development, construction, improvement, rehabilitation,\nrepair, furnishing, maintenance, and operation of its projects and properties,\nthe costs of accomplishing its purposes set forth in § 10.1-1601, and the\nprincipal of and interest on its obligations, and to fulfill the terms and\nprovisions of any agreements made with the purchasers or holders of any such\nobligations. Such fees, rents and charges shall not be subject to supervision or\nregulation by any commission, board, or agency of the Commonwealth or any\npolitical subdivision thereof.\n\n6. To borrow money, make and issue bonds including bonds that the Authority may\ndetermine to issue for the purposes set forth in § 10.1-1601 or of\nrefunding bonds previously issued by the Authority. The Authority shall have the\nright to secure the payment of all bonds, or any part thereof, by pledge or deed\nof trust of all or any of its revenues, rentals, and receipts or of any project\nor property, tangible or intangible, or any interest therein. However, the\nAuthority shall have no power to encumber its real property or create any estate\nor interest therein other than encumbrances on structures not extending to the\nreal property upon which such structures are located. The bonds may be secured\nby a pledge of any grant or contribution from a person or federal agency. The\nAuthority shall have the power to make agreements with the purchasers or holders\nof the bonds or with others in connection with the bonds, whether issued or to\nbe issued, as it deems advisable, and in general to provide for the security for\nthe bonds and the rights of the bond holders.\n\n7. To employ consultants, attorneys, architects, engineers, accountants,\nfinancial experts, investment bankers, superintendents, managers and such other\nemployees and agents as may be necessary, and to fix their compensation to be\npayable from funds made available to the Authority.\n\n8. To receive and accept from any federal agency, foundation, or person, grants,\nloans, gifts or contributions of money, property, or other things of value, to\nbe held, used and applied only for the purposes for which the grant or\ncontribution is made or to be expended in accomplishing the objectives of the\nAuthority.\n\n9. To develop, undertake and provide programs, alone or in conjunction with any\nperson or federal agency, for scientific research, continuing education, and\nin-service training, provided that credit towards a degree, certificate or\ndiploma shall be granted only if the education is provided in conjunction with\nan institution of higher education authorized to operate in the Commonwealth;\nand to foster the utilization of scientific research information, discoveries\nand data.\n\n10. To pledge or otherwise encumber all or any of the revenues or receipts of\nthe Authority as security for all or any of the obligations of the Authority.\n\n11. To do all acts and things necessary or convenient to carry out the powers\ngranted by this chapter or any other acts.\n\nHISTORY: 1986, c. 360, \u00a7 10-158.5; 1988, c. 891; 1991, c. 706.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}